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◆ Second longer dated French deal in a row ◆ Issuer parks at a double digit spread inside the government's curve ◆ Concession paid
◆ Large demand for all tranches, including rare FRN ◆ Despite flat swap curve long end 'flies' ◆ Higher yields a boon for investors
◆ Latest non-eurozone banks to print in dollar ◆ Competitive pricing available versus sterling and euros ◆ Lloyds chooses 'cheaper' three year tenor as NAB goes for a five year
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Deal reviews
◆ Second longer dated French deal in a row ◆ Issuer parks at a double digit spread inside the government's curve ◆ Concession paid
◆ Large demand for all tranches, including rare FRN ◆ Despite flat swap curve long end 'flies' ◆ Higher yields a boon for investors
◆ Latest non-eurozone banks to print in dollar ◆ Competitive pricing available versus sterling and euros ◆ Lloyds chooses 'cheaper' three year tenor as NAB goes for a five year
◆ Issuer slings third Singaporean covered of the week into the market ◆ Pricing tight to secondaries ◆ Sterling covered volumes boom thanks to offshore funders
Opinion
Covered bond issuers have been reluctant to issue on the same day as a central bank announcement, but this is starting to change
The new European Secured Note market is keen to secure regulatory recognition for the new product but there are advantages to not having it
If it looks like a covered bond, acts like a covered bond and prices like a covered bond, then it probably should be treated like one
Easily dismissed as "fast money" with all the negative implications that can bring in the primary bond market, hedge funds are becoming increasingly important to covered bond issuers
Analysis
Asset class is about 5bp wider than at start of the year
Comments from regulators welcomed by ECBC head
After the busiest June since 2010, banks are well progressed in the covered funding programmes
Benchmark issuance is running 13% ahead of last year
More articles
More articles
More from covered bonds
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Raiffeisen Bank International was marketing the first additional tier one (AT1) note of the year on Wednesday morning, with investors continuing to see value in the asset class. Meanwhile, covered bond investors are becoming fussier over price adjustments. -
DNB Boligkreditt differentiated itself in a crowded covered bond market on Tuesday by issuing the first five year deal of 2018, a strategy that paid off, given it was also the largest deal of the year.
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NIBC and Raiffeisenlandesbank NiederÖsterreich-Wien (RLB NW) found solid demand for their pair of €500m 10 year covered bonds issued on Tuesday. But with the tighter Austrian deal extracting more demand at a tighter spread, investors clearly showed a preference for the hard bullet maturity.
